Ghana’s President John Dramani Mahama has called for a bold, dual-track approach to Ghana’s energy future, advocating for accelerated oil extraction and a robust transition to renewable energy. Speaking at the high-profile Africa CEO Forum in Abidjan on May 13, Mahama outlined Ghana’s strategy to harness its oil resources while investing in renewables, positioning the country as a sustainable industrialization and inclusive growth model.
Oil: Urgency Amid Global Transition
Addressing an audience of over 2,000 African and international leaders, investors, and policymakers, President Mahama emphasized the need to maximize the value of Ghana’s oil reserves before global decarbonization renders such assets less valuable. “Oil is in transition,” Mahama stated, urging investors to expedite the extraction of Ghana’s crude. “Anybody who has any assets should be pumping like there’s no tomorrow,” he said, highlighting the risk of oil assets becoming stranded as the world moves toward cleaner energy sources.
Renewables: Commitment to a Green Future
While advocating for increased oil production in the near term, Mahama stressed Ghana’s parallel commitment to renewable energy. He positioned this dual strategy as essential for powering Ghana’s economic transformation, ensuring energy security, and meeting global climate targets. The President’s remarks align with Ghana’s broader agenda to balance traditional energy resources with a green transition, supporting sustainable industrialization and long-term growth.
A Platform for Africa’s Economic Transformation
The Africa CEO Forum, held at the Sofitel Abidjan Hôtel Ivoire, serves as a premier platform for dialogue on the continent’s economic future, bringing together heads of state, CEOs, investors, and development partners from over 90 countries. This year’s summit focuses on forging new public-private partnerships to address Africa’s challenges, such as declining aid and high debt costs, while seizing opportunities for investment and intra-African trade.
President Mahama’s participation underscores Ghana’s ambition to lead in both energy innovation and sustainable development. He was accompanied by senior members of his administration, including Executive Secretary Dr. Callistus Mahama, economic advisor Seth Terkper, and Deputy Chief of Staff Stan Xoese Dogbe.
Regional and Global Context
Mahama’s remarks come as African leaders at the forum discuss strategies to strengthen economic governance, optimize public policy, and accelerate the implementation of the African Continental Free Trade Area (AfCFTA). The forum’s emphasis on public-private collaboration and innovative financing reflects a continent-wide push to unlock investment and drive economic progress.
Looking Ahead
Ghana’s dual bet on oil and renewables, as articulated by President Mahama, reflects a pragmatic response to global energy trends and the country’s development needs. By leveraging its oil resources while investing in a green future, Ghana aims to secure economic resilience and sustainable prosperity in a rapidly changing world.